Solid Test is a security auditing firm specializing in smart contract inspection to improve user confidence in DeFi projects.
Germany-based auditing firm uses various time-tested tests to discover vulnerabilities in blockchains. peer reviewers then provide a detailed report to the project development teams, allowing them to fix bugs and other vulnerabilities in the smart contract code.
Robust Testing provides customized, detailed, and transparent audit reports that rank any identified bugs or vulnerabilities in terms of severity (critical, medium, or low). blockchain auditor then issues comprehensive recommendations that developers can implement to improve their project code, assuring the community that their funds are safe.
After each successful verification, the project gets a unique certificate that serves as proof of SolidProof verification.
A look at the SolidProof verification process
A smart contract audit improves the security in the code of any blockchain project. SolidProof’s dedicated team of reviewers engages in various practices to identify bugs that hackers can exploit. In addition to analyzing critical vulnerabilities subject to tampering, the team also examines the code to highlight areas that can be most efficient.
process begins with a project asking for a free audit by submitting a non-binding request and related code to the SolidProof team. Next, the team looks at the protocol and examines the whitepaper to understand what the smart contract intends to do. After the initial evaluation, SolidProof sends the customer a personalized quote, which varies depending on the complexity of the smart contract. After the initial communication, the source code review begins.
SolidProof reviewers do their best to review and understand various aspects of the code, including the libraries and the layout adopted by the core development team. Additionally, the audit team often engages project developers to better understand how the code should work.
Code review involves both automatic and manual testing. Standard self-tests come first and fix some early code problems in advance. Automated scanning can quickly discover known vulnerabilities in smart contracts, including denial of service (DOS) attacks, timestamp dependencies, variable shadowing, and gas cap issues.
A manual scan is then performed, in which the team relies on their skill, experience, and understanding of the project to discover vulnerabilities in the smart contract. This stage of the auditing process is the most critical because it does more than just highlight vulnerabilities in your code; a manual reviewer can do much more, such as checking for desired functionality and reviewing various permissions.
code reviewers then recommend fixes to all bugs and other issues raised and work with the project developers to ensure that all vulnerabilities are closed. final step of the audit protocol involves another review of the code to ensure that it is technically sound and completely secure.
Once the verification process is complete, SolidProof provides the customer with a detailed verification report, certificate, and additional marketing resources.
Why DeFi Projects Need KYC / Audit Solutions
DeFi space has seen mass adoption due to its radical lending / lending approach and the many opportunities it offers investors to earn passive income. Retail investment spread to the sector, and institutional interest also increased due to rising inflation and falling bond yields.
Total Blocked Value (TVL) across various protocols has grown from around $ 700 million in early 2020 to currently $ 64 billion, for DeFi Pulse data. However despite this remarkable growth, the DeFi space has been associated with hacks and other vulnerabilities that often lead to the loss of millions of user funds. For example, more than $ 470 million has been lost to security breaches in multiple DeFi protocols in the last year alone.
main reason these protocols are so susceptible to criminal activity is that they are open source, which means that anyone can study and identify gaps in the code. Additionally, many projects tend to launch quickly, and development teams often turn a blind eye to errors in their smart contract.
result of developer errors allows attackers to fool DeFi protocols through tactics such as price oracle manipulation or logic errors that open the code to external exploits.
Some of the most notorious DeFi hacks of the past year include the flash loan attack on Yearn Finance (YFI) that stole $ 11 million from the protocol. decentralized finance protocol bZx has suffered three similar tricks in 2020 exhausted $ 8 million, a whopping 30% of the project’s TVL.
However, the appetite for DeFi loans has not slowed down. Many investors seeking higher returns choose to invest in capital-hungry digital asset markets rather than conventional underperforming markets. This relentless demand for loans and DeFi loans has forced the industry to update its security standards.
Substantial improvements in DeFi security come from the practice of projects introducing Know Your Customer (KYC) standards and default code audits prior to the corenet launch. Rather than viewing smart contract auditing and KYC standards as an unnecessary burden, developers now view these measures as essential to instilling confidence in their designs.
Trust your project with SolidProof
A look at the recent attacks on the DeFi protocol and the vulnerabilities they exposed makes it clear that code audits are essential for any serious project.
SolidProof has become a market leader in the world of blockchain auditing. Germany-based company specializes in protecting DeFi protocols from illegal activities to give project supporters and users a good sense of security.
Multiple projects trust the leading blockchain auditor to integrate KYC solutions that protect their financial assets against terrorist financing, fraud, money laundering, and other criminal behavior.
So far, numerous DeFi protocols have submitted their smart contract to SolidProof KYC and the audit process. latest projects to be done reviewed by SolidProof include Chain Rider, DogeCola and Eversify.
audit team is investigating incidents at various projects such as NTFPorn and recently resolved an issue at Ken Inu.
Smart contracts are powering hundreds of decentralized financial projects globally. refore, your security is critical to protecting the billions of user funds currently locked in various protocols.
Additionally, tamper-resistant smart contracts help eradicate devastating attacks that erode trust in the industry.
SolidProof has been at the forefront of blockchain project security on DeFi for some time. blockchain auditor has also entered into a strategic partnership with Unicrypt to help more DeFi projects launch successfully and realize their full potential.
Request a quote for a comprehensive smart contract audit of your project here! You can also visit SolidProof’s Twitter, Facebook, GitHub, and to learn about the latest developments from the team.
Disclose: This is a sponsored post. Readers are encouraged to do more research before taking any action. Furthermore, Crypto Adventure does not endorse any cryptocurrency projects listed, mentioned, or linked on our site.
Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.
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